July 12, 2024
Structural Steel Market

Global Structural Steel Market Is Estimated To Witness High Growth Owing To Increasing Construction and Infrastructure Development Activities

The Global Structural Steel Market is estimated to be valued at US$ 77.93 million in 2022 and is expected to exhibit a CAGR of 5.74% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Structural steel is a type of carbon steel that is commonly used in the construction industry for various applications such as buildings, bridges, and infrastructure projects. It offers high strength and durability, making it an ideal choice for structural purposes. The market for structural steel is driven by the increasing construction and infrastructure development activities across the globe. Additionally, the growing demand for sustainable and eco-friendly construction materials is further fueling the market growth. Structural steel finds wide applications in the residential, commercial, and industrial sectors, contributing to the growth of the market.

Market Dynamics:

The growth of the global structural steel market is primarily driven by two main factors. Firstly, the increasing construction activities, especially in emerging economies, are creating a significant demand for structural steel. Rapid urbanization, population growth, and government initiatives to develop infrastructure are further propelling the market growth. Secondly, the rising focus on sustainable construction materials and the advantages offered by structural steel, such as energy efficiency and recyclability, are driving the market. Structural steel provides design flexibility, reduces construction time, and offers cost-effectiveness, which are key factors contributing to its increased adoption in the construction industry.

SWOT Analysis:

Strength: The structural steel market is expected to witness high growth, exhibiting a CAGR of 5.74% over the forecast period. This growth can be attributed to the increasing demand for structural steel in various sectors such as construction, infrastructure, and manufacturing. Structural steel offers numerous advantages such as high strength, durability, and versatility, which make it a preferred choice for builders and architects.

Weakness: One weakness of the structural steel market is its susceptibility to price fluctuations in raw materials such as iron ore and coal. These fluctuations can impact the profitability of steel manufacturers and result in higher prices for end-users. Another weakness is the environmental impact of steel production, which involves high energy consumption and greenhouse gas emissions.

Opportunity: The structural steel market presents an opportunity for expansion in emerging economies such as China and India, where rapid urbanization and infrastructure development are driving the demand for construction materials. Additionally, the growing trend of sustainable construction practices opens new opportunities for structural steel manufacturers to provide eco-friendly solutions, such as recycled steel and energy-efficient production processes.

Threats: One threat to the structural steel market is the competition from alternative materials such as concrete and wood, which are being increasingly used in construction projects. These materials offer lower costs and environmental benefits, posing a challenge to the growth of the structural steel market. Another threat is the impact of trade wars and tariffs on the global steel industry, which can disrupt supply chains and affect market dynamics.

Key Takeaways:

The Global Structural Steel Market Size is expected to witness high growth, exhibiting a CAGR of 5.74% over the forecast period, driven by the increasing demand in construction, infrastructure, and manufacturing sectors. China is the fastest-growing and dominating region in the global market due to rapid urbanization and infrastructure development. Key players operating in the structural steel market include Arcelormittal, Nippon Steel Corporation, Tata Steel, Hyundai Steel, British Steel, and Emirates Steel, among others. These players have a strong market presence and offer a wide range of structural steel products to cater to the diverse needs of customers.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it